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Solidere sets up company at DIFC
DUBAI - Solidere, the Lebanese company in charge of the development and reconstruction of Beirut City, has put in a share capital of $700.05 million to establish Solidere International Ltd at the Dubai International Financial Centre (DIFC).
It said in a statement yesterday that Solidere owns 37.2 per cent of the new company's 11 million shares, adding that it had completed a private placement to bring in new investors and strategic partners.
It added that Solidere International would take on various real estate projects worldwide, but with a focus on the Middle East region, the Mediterranean countries, and North Africa.
The new company will rely on Solidere's 12-year experience in development, finance and management. "This had allowed Solidere to become a renowned and distinguished international name in real estate development," the statement said.
It said Solidere International had partnered with the Government of Ajman and started a mixed-use development project there on a 12-million square metre area 25 minutes away from the Dubai International Airport.
It added that the new company has likewise started works on two real estate developments in Egypt — the first covering 1.2 million square metre of land west of the capital Cairo and, the second, involving an 850,000 square metre plot east of Cairo.
"Both projects aim at creating a mixed-use urban area of residential, office, leisure, hotel and serviced apartment buildings," the statement said.
It said other urban developments in the pipeline include projects in Saudi Arabia and the southern part of Turkey. Solidere International is also studying more property developments in other parts of the world.
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